Industrial & Logistics

Crossroads Building 300 - Jacksonville

6610 Pritchard Rd Jacksonville, Florida United States 32219-3278
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Building Area
Number of units 2

Property description

On behalf of the Ownership, Jones Lang LaSalle America, Inc. (“JLL”) has been retained as the exclusive sales representative for Crossroads Bldg. 300 (the “Property” or “Crossroads”) – a brand new, class A, 235,200 square foot industrial asset that is 100% leased to Carparts.com (NASDAQ: PRTS, Rev $443.9M, 2020) and Drummond Press, Inc. Crossroads is located in the West Side submarket, the most sought-after submarket in Jacksonville, featuring dense institutional ownership and credit tenancy. Situated immediately adjacent to Exit 25 of the major logistical thoroughfare of Interstate 295, the Property offers exceptional connectivity and resides less than 14 miles from the Port of Jacksonville, Jacksonville International Airport (JAX) and downtown Jacksonville. This strategic location provides rapid access to dense population centers in the surrounding area via I-295, I-10 and I-95, which are all under seven miles from the Property. This exceptional connectivity also provides quick access to other major population center across Florida and the entire east coast.


The newly constructed Property is built to best-in-class standards, featuring 32′ clear height, 135′ - 195′ concrete truck courts with ample auto and trailer parking. Furthermore, the West Side submarket of Jacksonville is the largest and most active submarket in the MSA with 3.29MSF of leases signed since Q1 2020. With 100% of the Property leased under highly passive triple net leases, this Offering provides and investor with the opportunity to acquire a stabilized asset in a market with average annual rent growth of 7.6% since 2017 and poised for exceptional rental rate growth going forward.

Investment highlights

  • Brand new, institutional quality facility
    • 235,200 SF with market appropriate multi-tenant building design and functionality
    • 32’ clear heights with ample auto and trailer parking
    • Built in 2021 (Projected Completion Q4 2021)
  • Highly sought-after infill Jacksonville location
    • Located in Jacksonville's most desirable industrial submarket: the West Side
    • The submarket sits at 47.8 MSF, accounting for 48% of Jacksonville’s total industrial inventory, and is the largest in the market
    • 6.3% average annual rent growth over the last five years
    • The submarket is historically the tightest in the market, with current vacancy at 3.6%, down 190 bps over the past five years
    • Highest net absorption of all submarkets in Q2 with 598,428 SF
  • Jacksonville industrial market
    • Jacksonville is a crucial logistics hub in the southeast, with the ability to reach all of Florida and Georgia within a 6-hour drive
    • The market’s geographical location and exceptional logistical connectivity allows businesses to reach 60 million consumers within an 8-hour drive
    • After a very active 2020 in which the market posted the highest industrial absorption in the state, the Jacksonville industrial market shows no sign of slowing down
    •  Of the 3.0 MSF currently under development at the end of Q2, only 24.1% of those projects remain available to lease
    • The market has recorded an average annual rent growth of 7.6% across all industrial since 2017 and is poised for exceptional rental rate growth going forward
    • Vacancy is down 60 bps from Q1 and has averaged a 3.8% annual vacancy rate since 2017
    • Jacksonville’s sizable resident population, proximity to the Port of Jacksonville and accessibility to arterial highways appeals to a broad range of industrial users and will likely continue to do so in the future
  • Financial highlights
    • 100% leased to Carparts.com (77% of GLA) and Drummond Press (23% of GLA) on new leases with 3.0% annual escalations and 6.6 years of WALT remaining (as of 1/1/2022)
    • NNN leases with limited Landlord responsibilities 
    • Fully stabilized asset with future upside in a market with above average rental rate growth
  • The Port of Jacksonville
    • The Port of Jacksonville plays a very important role in conducting international trade with markets in Europe, Asia, and Latin America, cementing the market as a booming logistics market for the southeast
    • Competitive transit times to 140 ports in over 70 countries
    • Less than 10 minutes to I-10 and I-85, granting seamless access to the rest of the state (~21.2M people)
    •  More than 100 trucking and drayage firms operate in and around Jacksonville’s port to take advantage of the city’s highway system
    • The Port of Jacksonville has grown Asian container volumes nearly 100 percent since 2012 and is now Florida’s No. 1 container port complex, and current operations provide ample capacity
Last Updated Date: 15 Sep 2021
Luis Castillo
Luis Castillo
Managing Director, Capital markets
Broker Licenses
SL3203377
Cody Brais
Cody Brais
Broker Licenses
SL3470646

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Last Updated Date: 15 Sep 2021

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